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debt ceiling, which will come into play. so we will be seeing a lot of activity in the next few months, debates about people criticize the government, about the size of the deficit, and it a lot of back and forth over these three issues. without going into all the different ramifications, i want to say one word about the debt ceiling, which is not everybody understands what the debt ceiling is about. the debt ceiling -- raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it does not create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit ratings and i know how we can save money, we will not pay our credit card bills. not the most effective way to improve your credit rating. it was a very slow solution to the debt ceiling in august of 2011 that got the u.s. downgraded last time. so it's very important. all these issues are important, but it's very, very important that congress take necessary action to raise the debt ceiling
's debt ceiling and the effort to stop mass murderers in america. >> my point is to focus on what makes sense, what works. >> one month after the shooting at newtown it is time to come up with action. >> we to have answers. >> he will announce his specific plan within days. the possible gun proposals and could they actually become law? plus the lance armstrong interview. he's denied he doped for years. >> sick and tired of these allegations. they are absolutely untrue. >> the support gave him the boot. >> lance armstrong has no place in cycling. >> now and for the first time lance armstrong says he's opening up about what really happened. >>> and hundreds of people hunting giant snakes. >> the species of the day is ber mes python. >> i have a machete and side arm. >> man verses python in the florida everglades. >> breaking news with lance armstrong. first president obama still supports an assault weapons ban. he admits it may not make it through congress. the president head a news conference and said the ban is one idea he is considering after a list of recommendations from joe biden. i
fiscal cliff hello debt ceiling. >> the fiscal cliff fight was ugly but will the debt ceiling struggle be eveninging uglier. >> hard to believe but this could get uglier. [ laughter ] the government is aetch perfecting the legal limit for how much kit borrow also known as the debt ceiling. republicans can demand that the president make spending cuts or we'll hit the debt ceiling and go through it. [ laughter ] or get crushed by it or you know what? we might have to make a skylight in it. sounds nice. it's pretty but they rarely get caulked properly and when it rains, it drips and ruins your sisal carpet. the republicans are clearly in a strong position but the president might have a trick up his sleeve. >> is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and a congressman are suggest a $1 trillion platinum coin could be minted and the government could use it to pay the debt, avoid default and preempt the debt ceiling crisis. >> stephen: we should have known that a coin was obama's solution to everything. it was right in his slogan. change.
category. the house looking to vote on raising the debt ceiling next week looking for a temporary, temporary three month increase. coming up we will find out what representative thinks about the plan and why she is looking to get rid of the debt ceiling all together. liz: plus we have the bond king of canada who knows plenty about our markets. five years ago he said that investors had the opportunity of a lifetime to buy stocks, just as we hit bottom, and we saw that bubble explode. well, he was right. now, what is he saying? 2013 holds the second buy of a lifetime? what is it? and how can you take advantage of it? he is here to talk about it. david: liz has that interview all to herself because i can't begin to pronounce his name. let's tell you what drove the markets. mixed day on wall street with s&p and dow closing in the green. all three major indices ending the week higher. industrials and energy were today's top performing sectors while technology was the only sector ending the day lower. and oil ending the week in the green after the international energy agency raised its
can avoid the debt ceiling showdown, get rid of the debt ceiling altogether. tracy: and grounded, and other emergency landing for boeing's dreamliners. planned as the top two airlines stopped planes from flying altogether. lori: on a post-it note just isn't enough. employee who allegedly stole $400,000 worth of copy machine toner and resold it on the black market. you have to hear it to believe it. tracy: top of the hour. nicole petallides on the floor of the new york stock exchange. we can't seem to find our footing. nicole: interestingly enough we are not too far off of the unchanged line but we are up six of the last eight trading weeks. hovering around five year highs. as you noted early on, talk a lot about boeing weighing on the dow jones industrials today play with one issue after another. the s&p 500 down one point at 1471. it is also earning season. how they are faring. they came out obviously earnings-per-share eating earnings slightly miss. a new high for dell. and all those names are lower. continue to follow earnings here all week on fox business network. we have gen
escalates the fight on the w economy. is the debt ceiling negotiable? your thoughts? send us a tweet or post your comment on facebook. you can also send us an e-mail. president obama held his last official news conference of the first term yesterday in the east room of the white house. here's what he had to say on the debt ceiling debate. [video clip] >> republicans and congress have two choices. they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. but they will not collect ransomed in exchange for not crashing the american economy. the financial well-being of the american people well-being is not a leverage to be used. the full faith and credit of the united states is not a bargaining chip. they had better choose quickly, because time is running short. the last time republicans in congress even flirted with this idea, r. triple-a credit rating was downgraded for the first time in our mystery, our businesses created the few jobs in any month in nearly the past three years, and the whole fiasco added to the deficit. ho
the debt ceiling or exercise the responsibility that they have kept for themselves and raise the debt ceiling. because this is about paying your bills. everybody here understands this. i mean, this is not a complicated concept. you don't go out to dinner and then, you know, eat all you want, and then leave without paying the check. and if you do, you're breaking the law. and congress should think about it the same way the american people do. you don't -- now, if congress wants to have a debate about maybe we shouldn't go out to dinner next time, maybe we should go to a more modest restaurant, that's fine. that's the debate that we should have. but you don't say, in order for me to control my appetites, i'm going to not pay the people who already provided me services. people who already lent me the money. that's not showing any discipline. all that's doing is not meeting your obligations. you can't do that. and that's not a credible way to run this government. we've got to stop lurching from crisis to crisis to crisis when there's this clear path ahead of us, that simply requires some
on "the willis report", republicans split on their debt ceiling stances? we have against the weight on what is really going on. and earnings season is in full swing. our expert is here to share the financial sea of hot on right now. and in hard times, what industry has thrived? even the wealthy are flocking in. the star of on stars, richardson is here to discuss how you can cash in. we are on the case next on "the we are on the case next on "the willis what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. ♪ ♪ [ male announcer ] you don't have to be a golf pro to walk like one. ♪ when you walk 10,000 steps a day, it's the same as walking a professional golf course. humana. health and well-being partner of the pga tour. stay top of mind with customers? from deals that bring them in with an o
of the show. >> coming up on "the willis report", republicans split on their debt ceiling stances? we have against the weight on what is really going on. and earnings season is in full swing. our expert is here to share the financial sea of hot on right now. and in hard times, what industry has thrived? even the wealthy are flocking in. the star of on stars, richardson is here to discuss how you can cash in. we are on the case next on "the willis report." ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. whatever your business challenge, we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. gerri: there is definitely a debt ceiling looming
: the dow is trying to turn positive. cheryl, i do not think we go anywhere until we fix this debt ceiling fight. cheryl: they are coming up with at least a recommendation. i am sure there will be an argument in d.c. ashley and melissa have got you covered. ashley: another argument in d.c., never? melissa: shocking. [ laughter ] we do have breaking news. learning a vote on the debt ceiling coming as early as next week. the details of the bill and reaction from peter welch straight ahead. ashley: one american remains missing in the u.s. says they will not go she ate hostage swap with terrorists. stephen hadley is our special guest this hour. ashley: energy companies facing off against a formidable opponent. they are losing. ashley: do not mess with the chicken. that is all i will say. especially with the prairie chicken. time for stocks now as we do every 15 minutes. nicole petallides. nicole: we are not to far off the unchanged line. you sneeze and you are in the positive territory. intel has been weighing on the dow jones industrials. that has been one of the things holding them back. the
, and they need to raise the debt ceiling now, so we can pay our bills on time. >> tom: i'm tom hudson. a sour day for apple investors. the stock tumbles to 11 month lows on new worries about waning demand for the iphone 5. >> susie: but a banner day for g.m., the cadillac ats takes car of the year at the big auto show in detroit, and its new corvette stingray wows gear heads around the globe. >> tom: that and more tonight on "n.b.r."! >> susie: the next big fight in washington has begun. president obama today called on republican lawmakers to authorize an increase in the nations debt limit, saying that messing with it could potentially have catastrophic results for many americans and the overall economy. he warned markets would go haywire if congress does not act, interest rates would rise, and checks to social security beneficiaries would stop. and he said even thinking about the u.s. not paying its bills is irresponsible and, "absurd". darren gersh reports. >> reporter: in his first news conference of the new year the president gave a harsh lecture to republicans about the need to raise the deb
to negotiate. and they fired back that the debate over the debt ceiling was the perfect time to consider legislation to cut spending. at the same time, only a handful of republicans have actually said they'd let the united states default on its bills. >> the president claims this, but republicans have always raised the debt ceiling. we've never seen the debt limit fail to be raised. all they have said is we want to apply the same criteria that the president himself applied when he was a senator and say we don't want to give the president a blank check. we would like to fix the substantive problem which is the level and the growth in the debt. >> reporter: markets are almost treating the fight over the debt ceiling as the sequel to a bad movie. and investors have a pretty good feel for how this cliffhanger ends. >> they don't really care about the brinksmanship until they are right up to the brink, but also, the more dangerous the fall, off the brink, they figure the less likely that it's going to happen. >> reporter: treasury secretary timothy geithner told congress today that unless it
ceiling, which is that not everybody understand what the debt ceiling is about. the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mention it certainly went part way but it leaves another the issues still on the table, and additional negotiations and are looking. would you c
conference in the first term. >> to draw the line on the debt compromises. >> raising the ceiling doesn't authorize more spending. >> the president clearly came out putting it on the republicans. >> republicans in congress have two choices here, they can act responsibly. >> this is such a recipe for disaster for the republican party. >> or they can act irresponsibly, they better choose quickly. >> frankly all republicans have to bargain with. >> yes, they are, yes, they are. >> they're holding us hostage. >> are we heading to a shutdown. >> this could be a financial disaster. not only for our country, but for the world. >> social security checks and veteran's benefits will be delayed. >> i don't think it is a question that is even on the table. >> ironically would probably increase our deficit. it is absurd. >> the president won't back down on the debt ceiling or on gun safety. >> the pressing issue of gun reform. >> exactly one month after the tragedy at sandy hook. >> if there is a step we can take that will save even one child we should take that step. >> gun violence continues to wr
. remember, raising the debt ceiling isn't additional spending but allows the government to pay the bills it's already racked up on money it's already spent. today, fitch ratings which sets credit ratings for countries around the world warned the u.s. could lose the aaa rating, the highest there is, if there's not a quote median-term deficit reduction plan put in place. what will it take to get a deal? we start with dan gross. his latest piece is titled "obama brinksmanship puts gop in tough spot on debt ceiling." so dan, you write that while you fall off a cliff, you only bump your head in to a ceiling but economically the ceiling has the capacity to deliver far more damage. you are talking like my friend steve kornacki here. what is failing to raise the debt ceiling? why is that going to be catastrophic? >> well, you know, first of all the stock and bond markets will really go haywire in a way they didn't when we were about to go over the fiscal cliff because government bonds are held by everybody. chinese central bank, japanese central bank, every single bank financial institution out the
.7%. >>> urging for actions, president obama and tim geithner say congress must raise the debt ceiling or cause irreparable damage to the u.s. economy. >>> and jump t to the top of the ftse 100 after third quarter revenue beat the forecast, burberry had earnings higher than expected. >>> all right. sorted out my mike issues. "worldwide exchange" is slightly different today because we're analyzing the first german gdp numbers. >> and i come to the u.s. where it's all annualized and we stick to the european data and it's quarter on quarter. given the context, we're still working through what all that means. >> exports in november, down 94.1 billion is where we essentially went. 98.4 billion was the october numbers. so exports in november driving down. and that gdp number is worth pulling out. exports for the year, up 4.1%. as far as production is concerned, it was up 2% in november. but the forecast were for it to rise up 1%. it was a very weak october, as well. it was this production and that production number. when that came out, it essentially made people put a pretty fourth quarter in the who
proposing a delay to president obama's health care law in exchange for raising the debt ceiling. rich edson has the latest. rich: they have been figuring out what they want to propose. perhaps floating a delight in the implementation of the president's health care law. the bulk of the spending starts in 2014. that is just one of them any options they are hoping to discuss. major tax and entitlement reform. that will be discussed throughout the rest of the week. >> we have to come to a point where we stand and fight. i hope this is the time. there is no such thing in this definition. we'll pay social security, will you pay medicare or would you use it as a tool to try to get the house republicans to cave? rich: president obama said he will not negotiate. he will talk spending cuts and, perhaps, revenue. back to you. lori: thank you so much. new warnings on the debt ceiling. timothy geithner telling congressional leaders that the u.s. will exhaust its limit mid-february. bernanke urging congress to extend borrowing authority well before the deadline. the u.s. could lose its aaa rating, so whe
to raise the debt ceiling, right? president obama warned he will not enter into another game of brinkmanship as he referred to it over the debt sealing with republicans. >> the issue here is whether or not america pays its bills. we are not a deadbeat nation. if congressional republicans refuse to pay america's bills on time, social security checks and veterans benefits will be delayed. investors around the world will ask if the united states of america is in fact a safe bet. the full faith and credit of the united states of america is not a bargaining chip. martha: a lot of talk about the president's demeanor at that news conference yesterday. we'll get into that a little bit more coming up but for now does this really come down to an issue of raising the spending limit or defaulting on our credibility as the president has talked about. let's bring in stuart varney, host of "varney & company" on fox business network. so, stuart, you feel the way he is framing this is incorrect? >> yes. we're not going to default, period. we are not going to default. the default means that yo
, there is a debt ceiling vote. now you hear a lot of republicans making noises about backing down from the debt ceiling fight. it is interesting by the way, i know we're not here to talk about that. it is interesting how the conventional wisdom has shifted on that. >> jennifer: quickly too. >> so quickly. just another sign of the shifting sands. it all hinges on how public opinion turns. and you know, is the president going to go out on the stump? is he going to go out and barnstorm the country for his proposals? how much political capital is he going to put into it? if he really builds up public support for the proposals and public support grows and if they feel pressure, he'll bring a vote. >> >> jennifer: just to take you back to that -- not the fiscal cliff, the debt ceiling issue that the republicans do seem to be going soft on, i do think one of the reasons why they went so soft is because major traditionally republican lobbying groups were advocating like the chamber of commerce came out strongly saying this is crazy. i'm wondering if there are other traditionally republican groups like
said he will not negoatiate on raising the $16.4 trillion debt ceiling, while house republican leader john boehner is insisting a debt increase would have to be accompanied by spending cuts to programs such as medicare. boehner has promised a vote tomorrow on $51 billion in aid to hurricane sandy vicitms. theres alot up in the air at boeing after a series of leaks and electrical glitches last week involving its latest aircraft, dubbed the 787 dreamliner. the faa will begin reviewing how the airliner is designed, manufacturered and assembled, with particular attention to the miles of electrical wiring used instead of heavier hydrallic systems. in a statement, boeing says "we are never satisfied while there is room for improvement. we welcome this opportunity to conduct this joint review." joe schwieterman of depaul university says it is too early for investors to be worried. "investors get nervous when there are these rollouts and there are problems. if this gets worse, boeing's stock could be affected, but i doubt it will be at this point. but who knows what will be revealed as these
the debt ceiling or put the u.s. economy st. at risk. it's tuesday, january 15th, 2013 and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. we've been watching the u.s. equity futures and at least at this point you can see they do look like they're indicated to open a little lower. right now, dow futures down by about 16 points below fair value. the s&p futures are about 2 points below fair value. we have some different nebs going on at the top of the screen than we do on that fair value board. we'll check on that, as well. >>> dell is said to be in talks with private companies in reports of a possible guyout. the journal says jpmorgan is involved in the negotiations. dell shares have been soaring near an eight-month high on first word of this news yesterday. you can see up about close to 2% to the premarket sales. 64 is the last dip. in other technology news, facebook is holing a press conference today. no word on what the big announcement will be. you've heard a lot of analy
the power to ignore the debt ceiling. >> shannon: all right sm. democrats are pointing to a section that reads that the validity of the public debt of the united states should not be questioned. they say, based on that, they would support president obama, in raising the debt ceiling without congressional approval. joining me now to talk about that and many other thicks, former mississippi governor, republican, haley barbour. thank you for coming in. >> i hope the president doesn't try to do that. to try to take away from the congress the power that the constitution directly gives the congress. that is the power to -- to spend, the power to control the debt. i know that the treasury department has announced they are not going to do it. i hope they stick to that decision because this is -- we should never have a situation where one person-- the president -- can put our country deeper, deeper, deeper in debt. we are doing a bad job of that now. it would be really bad if it was not -- if the congress let their control go. >> shannon: you saw the white house press secretary says it is no
the debt ceiling. >> dumping bonds, diving in stocks, records amounts of money flowing into stocks and etfs last week. is that a trend? that's ahead. >> a number you don't here with taxes, 0, but that's what the louisiana governor is proposing, a zero corporate tax rate and income personal tax rate. we have the man who crafted the plan here with more details. interesting. >> that fits me, but how does that get offset? >> there you did. there you go. >> okay. updated on the markets like we do every 15 minutes. nicole, we have bank earnings out this week. how are broader markets doing? >> a lot going on. friday, the dow went over the unchanged line 50 times, today, no different, back and forth action. the dow is gaining five points, but the nasdaq and s&p both pulling back some, and, of course, the nasdaq weighed down by apple, and let's get financials up for you. today is a weak day of earnings, and names in focus like goldman, bank of america, citi group, and morgan stanley. the group ran up over 26% in the last year, and the estimates have come down considerably from sector to sector so th
about the debt ceiling. remember, president bush was in office at the time, so senator obama would probably be against some of the things he was talking about, particularly the debt ceiling. the senator called it irresponsible to increase the debt. listen to then-senator obama. >> the problem is that the way bush has done it over the last eight years is to take out a credit card from the bank of china in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents. number 43 added $4 trillion by his lonesome so we now have over $9 trillion of debt that we are going to have to pay back, $30,000 for every man, woman and child. that's irresponsible. it's unpatriotic. >>steve: there you've got the president, back then senator, back in the day saying that president of ours, he's running up the bills, and it would be unpatriotic what he's doing. and we cannot raise the debt limit. forward to his administration, and i think this is going to be the fourth time he has asked congress to up the debt ceiling. of course what he said is, i know the republic
to do and authorize an increase in the debt ceiling so we can pay our debts. i think that is what will eventually happen. i do not think the going often the other direction would be that helpful. >> -- that going off in the other direction would be that helpful. >> i am a second year at the board's school. does the debt ceiling still have a practical purpose? could it be eliminated without much consequence? >> it has got symbolic value. maybe one or two other countries, but essentially no other countries and the world have this particular institution. the congress appropriates $100, tells the government to spend $100 on whatever, and then it raises $80 in revenue through its tax code. the arithmetic here says, you have to borrow $20. no, congress has to give a third 100-80 = says the 180at 20. logically, there is got to be something to make up the difference. the way to address it is by having a sensible plan for spending, insensible span foplar revenue. as i was saying before, this is like a family saying, we're spending too much. let's stop paying our credit card bill. that is n
under control, but does he think the debt ceiling is the leverage that republicans should use to get that done? he'll join us exclusively, and i know you're going to ask him about that. >> absolutely. >> let's check out the action on the street right here. here's how things are shaping up with less than an hour to go. the dow jones industrial average hitting basically at the highs of the day. had been down around 60 points earlier. talking about a gain of 20 points on the blue chip average. fractional move at 13,527. nasdaq chart pattern looks similar. take a look though it's negative. down about nine points on the nasdaq, a quarter points lower and the s&p 500 looks like this. similar chart pattern as the dow up a fraction on the standard & poor's but still that's the high of the afternoon. let's get more on the markets in today's "closing bell" exchange by hank smith and steve from comcast funds and our own rick santelli. >> hello. >> good to see you guys. >> thank you so much for joining us. >> hank smith, we haven't heard from you in a while. let me kick this off with you. how ar
, that the consequences of failing to increase the debt seal ceiling are real, but so also are the results of allowing our spending problem go unresolved. president obama said he is open to discussing deficit reductions, but only after congress first pay this bills that the country already owes. >> the federal government takes a larger chunk of paychecks. that's because during the fiscal cliff debate, congress allowed a temporary cut in social security taxes to expire, mean that social security taxes have increase thousand by 2%. economists anticipate the payroll increase tax hike will reduce u.s. house hold incomes by a collective $125 billion this year. >>> a another brutely cold night and into tomorrow morning. it is going to be freezing and below freezing once again. a look here at the pattern. we remain with the trough to the east of us. a ridge of high pressure to the west, but this ridge is slowly nudging east, and eventually, by midweek wednesday and lasting into the weekend, it will be overis, and that is going to bringis warmer weather. so warmer weather on the horizon, it's not going to be here
that the debt is endangers children's future, that the consequences of failing to increase the debt seal ceiling are real, but so also are the results of allowing our spending problem go unresolved. president obama said he is open to discussing deficit reductions, but only after congress first pay this bills that the country already owes. >> the federal government takes a larger chunk of paychecks. that's because during the fiscal cliff debate, congress allowed a temporary cut in social security taxes to expire, mean that social security taxes have increase thousand by 2%. economists anticipate the payroll increase tax hike will reduce u.s. house hold incomes by a collective $125 billion this year. >>> a another brutely cold night and into tomorrow morning. it is going to be freezing and below freezing once again. a look here at the pattern. we remain with the trough to the east of us. a ridge of high pressure to the west, but this ridge is slowly nudging east, and eventually, by midweek wednesday and lasting into the weekend, it will be overis, and that is going to bringis warmer weather. so wa
's expected to talk about the debt limit, the debt ceiling. that's in just about an hour and a half. when it happens, we'll bring it to you live. >>> the 20 million people of beijing, china, are enduring a fourth day of choking, hazardous air pollution. reports of respiratory problems and mask sales have sky rocketed. schoolchildren aren't able to play outdoors. many say it's worse than four years ago, while the officials in china claim the air quality has improved. >>> back here at home, water levels of the great lakes are expected to break the all time low sometime in the next few months. lake michigan and lake huron fell to record low levels in december. cargo ships are being forced to lighten their loads, and some harbors have already closed. >>> after three months of gas prices going down, they're now working their way back up. the lundberg survey saw the average price of a gallon of regular is $3.32. that's up more than 6 cents from three weeks earlier. >>> a couple of new american rides can now be called best in show. this morning at the north american international auto show, the
, is unforgivable is the way to make these policies. second, you have the debt ceiling. it is a marketing tool the country hostage. we know there's going to be a fighter for the debt ceiling. in the past that feeling with a speed bump that reminded folks who are borrowing too much and needed to make changes. it could be a useful reminder. not because of sars are people really worry about the fate of the u.s. government and its economic damage, which is what we saw last time. the third piece, the fact government spending is going to expire in the triple witching hour of these issues is if this will close and is that going to force action of the hardest pieces still remaining for the fact that they still for all intents and purposes, it's good we didn't go to the fiscal cliff, good release revenue, but we basically did what we always do, which is punted the hard choices and try to declare bipartisan victory. it wasn't there. the question as to make make these next moments were set to getting us to really take on policies. and this is part of your question that will do it the necessary savings th
, president obama told reporters the u.s. can't afford a drawn-out debate over raising the debt ceiling, which could reach its lmit in mid february. "raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up, and we need to pay them." president obama warns that if the debt limit is not raised or used as leverage by republicans, markets would go haywire, interest rates would rise, and checks to military veterans and people on social security would end. gop senate minority leader mitch mconnel reponded by saying, "the president and his allies need to get serious about spending, and the debt-limit debate is the perfect time for it." traders will get their first opportunity to react to comments at the market close yesterday by federal reserve chairman ben bernanke. among the highlights, the fed chair says, the federal government is not out of ammunition, the fed's bond-buying program is not likely to lead to higher inflation, and the fed sees positive signs in
's going to focus in his opening remarks on the debt ceiling. of course, also gun control and the chuck hagel for defense secretary nomination might come up. after a week of white house gun violence meetings, it's not clear if the president will seek to reinstate a ban on assault style rifles. even if he does opposition is hardening. >> do you think an assault weapons ban can pass the congress? >> no. >> do you think it should? >> no. >> reporter: west virginia democrat joe manchin, who sounded open to new gun control measures immediately after the newtown massacre now wants a slow moving washington commission. >> if you just want gun bans you're wrong. >> what do we need? >> we need a comprehensive approach. >> reporter: with sales of firearms that congress might ban now sky rocketing, a top senate democrat called for a voluntary moratorium. >> if we continue to see nearly 80,000 gun sales each month in states all over the country, it's going to be counterproductive to whatever solution we will implement. >> reporter: the new york legislature sped towards passa
the debt ceiling, or exercise the responsibility that they have kept for themselves and raise the debt ceiling, because this is about paying the bills. this is not a complicated concept. you do not go out to dinner and then eat all you want and then leave without paying the check. if you do, you are breaking the law. congress should think about the same way the american people do. if congress wants to say maybe we should go to a more modest restaurant, that's fine. in order to curb our appetite, we're not going to pay the people who already provided the insurance, already front of the money. that is not showing any discipline. that is just not meeting obligations. you cannot do that. that is not a credible way to run the government. we cannot going from crisis to crisis when there is a path in front of us that require stability and compromise. that's how this goes. that is how this needs to work. >> thank you, mr. president. binding votes for the debt ceiling can sometimes be complicated. in previous aspects of american history, president reagan, president h. w. bush, president clinton
of the neighbors, cooler heads will prevail now between now and the time we deal with the debt ceiling and we may meet the goal which we set out to do, which is to have roughly a $4 trillion cut over 10 years in the long-term deficit and to put us on that path. but i didn't come here to talk about any of those important subjects today, because as important as they allr today we have a more urgent and immediate call and that is how to deal with the epidemic of gun violence in america. you all know the statistics better than anyone so i'm not going to repeat them. on that score, i owe an incredible debt of gratitude to you at the head table and those of you in the room. i know we don't have you nan hit in this ballroom nor do we in any ballroom, but we all acknowledge that we have to do something. we have to act. and i hope we all agree, there is a need to respond to the carnage on our streets and in our schools. i hope we all agree that mass shootings like the one we witnessed in newtown 34 days ago cannot be continued to be tolerated. that tragedy has affected the public in a way i have never see
hiring. we may be looking at this debt ceiling, and i'm going to invoke shakespeare, the bard, that this may be much ado about nothing. i'm going there. right here. >> right now? the cliff is -- >> don't you love -- you know, when i first heard, i thought what a great title, i said no, moran, take the shakespeare course first the it's going to be claymation death match, maybe ufc, you and i watch that in our spare time -- not -- but i don't think it's as important as getting through the fiscal cliff. people are hiring again. >> dow transports continue to hit six-year highs. >> even as crude is up 95. >> it's like a market that has transport leadership. did you see union pacific? we had mike's southern on "mad money" he says point-blank, the hole has bottomed and is starting to go higher. and be good to the shutdowns, the coal plants. don't forget china has been burning coal, like you wouldn't believe. much more inventory reduction, because it is so cold. don't care maybe as much about the air. >> apparently not given what we've been hearing out of the beijing. >> can you see y
bypassing the debt ceiling -- on congress's behalf. >> democrats are urging the president to use executive order to say congress, i don't node to you raise the debt ceiling, i am going to do it on my own. i want everybody to know,utive order -- high is not the first president and won't be the last to use executive order. frankslinrosis velt passed 37 executive orders and clinton and reagan did 350-plus. i am talking about policy issues of significant magnitude that need to have a full public vetting. the american people need tock engaged in the process. we need hearing on the matter ogun control, specifically. and we really need to talk about mental health and how we as a society are not embracing people with mental health issues. that's a bigger conversation, i know, neil. >> neil: thank you for indulging all of this breaking news and being on top of it. we told you about the mulvaney amendment, matching dollar for dollar, any aide they are getting in like-minded cuts from discretionary spending. that was defeated, as expected on the flor of the house. to missouri running senator roy blun
pathetic debt over the debt ceiling and another downgrade, true. may have we have been distracted by that, put the bad news aside and see the dow jones industrial average within 6 points, 14,164 in 2007. and in a few minutes, the dow starts well above 13-5. and here is more good news, your house keeps going up in value, not by much for most people, but up is up. so, cheer up, everyone, you might not like the election results, but your money is doing well. and "varney & company" is about to begin. >> new funds in the tech world, it's not apple. you're used to long lines outside apple stores and people clamoring to get apple's latest version of the smart phone or tablet. the new buzz out there is samsung, not apple. apple-like hype is building for the samsung galaxy smart phone, a bigger screen, faster speed, longer lasting battery. and launched in may, it was considered the first to meet or exceed. you keep hearing, apple doesn't meet cool anymore, that's samsung. and i wonder if apple is below 500. where are we? >> and the traders are not getting in and out. right at the 498 mark, not fa
raising the debt ceiling gives the government the ability to pay its existing bills. it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in a deal, it certainly went part way, but leaves a number of issues still on the table. would you care to raise that as an additional fiscal cliff that is facing us? would you think that it's not as concerning as it was when you raise that term initially? >> as i said the fiscal cliff, if it is allowed to take place, it probably would have traded a recession this year. a good bit of that has been a
and not do our job which is unforgivable as a way to make these policies. second, you have the debt ceiling. it is the wrong thing to hold the country hostage. it's also going to be a play we know there's could be a fight over the debt ceiling. in the past the debt ceiling reminded folks we were borrowing too much and we needed to make changes. it could be a useful reminder not if it goes as far as people really start to worry about in the u.s. government and economic damage which is what we saw last time. the third piece of the resolution the fact that government spending is going to expire and these three issues is another kind of fiscal cliff and the question is is it going to force action with the hardest pieces that are still remaining were the fact when it comes to the fiscal clef they still for all intensive purposes it's good we didn't go over the fiscal cliff, it's good we raise revenue, but we basically did what we always do in washington which is we punted all the hard choices and a sort of tried to declare a bipartisan victory. but it wasn't theirs of the question was what's goi
to see a default as we get closer to the debt ceiling deadline. will this put a limit on what stocks do over the next few weeks? >> i read this weekend another piece that says the social security checks aren't going to come out. they're going to come out, okay? we can go down this path and scare people. but i'm not going there. i remember when i was going to the balk last year and we had the debt ceiling. a woman said, i'm not going to get my social security check. and i said you will. she said, no, i'm not. i feel like, it's incumbent on people to say, look, maybe there's a week -- but when you say social security's not going to come out, we are not a third world -- an emerging third world nation, whatever is political to say. we can really scare people here. our job should not be to scare people. but you can scare people very easily. >> right. on the other side people are citing mutual funds, we talked about this on friday, and thursday of last week as a positive. perhaps you shouldn't, given there were so many inflows to bond funds. the s&p was up nicely last year and the year prior,
fighting and hammer out a strategy to deal with the looming debt ceiling. melissa: chaos in algeria, the fate of dozens of hostages is unknown. some reportedly have escaped. fox news middle east analyst and lou dobbs will weigh in. first, time for stocks, let's check with the floor the new york stock exchange, nicole petallides is standing by. the dow just awful session highs, but not having a bad day. nicole: not bad at all. up about 90 points off of the highs of the day. was yesterday a fluke? we had five days of gains, gave back a little bit yesterday and back in the green again. look at the nasdaq up more than half a percent. the s&p 500, gains across the board. economic news for labour numbers and those were good, housing starts have been on the move as well, that was well above expectations. let's take a look at some of the homebuilders in particular, which have had a great run recently. tilden permits at multiyear highs. ben willis yesterday talking about optimism. there is a look at lennar. to give an idea of how well the homebuilders have run up, to put together a chart wit
the debt ceiling. it also removes the debate on section four of the 14th amendment. we will focus on all of this this sunday morning. it was a call. numbers at the bottom of your screen. we also want you to join us online on twitter and facebook or send us an e-mail. we will get your calls and comments in just a moment. our question, whether or not they residents can -- president can't bypass congress to raise the debt ceiling. she is preparing for his inaugural address. the president will seek a citizenship pass in a push as the debate over immigration continues here in washington and around the country. another headline getting a lot of attention is that the vice president continues his recommendations on how to deal with gun violence. tuesday he will give the president has outlined. p--- his outline. ,et's go to the hill newspaper which has one of a number of stories on this sunday morning related to the debt limit. senate democrats telling the president he may need to raise the debt limit on his own. a letter sent to the president on friday advising the white house to be prepared to
will air on thursday. >> president obama making his case for raising the debt ceiling. this morning the president says he will negotiate on spending cuts but not on the debt ceiling. mark matthews is here now with more on what sat stake. >> republicans in the house say they won't raise the debt gmu and president agree to corresponding cuts. the president outlined the stake autos the president began by defining the issue. >> debt keeling is not a question of authorizing more spending. it allows the country to pay for spending that congress is committed to. >> he said americans understand the concept. >> you don't go out to dinner and... then, you know eat all you want. and then... leave without paying a check. >> if you do that, it's against the law, said the president. he added if congress fails to raise the debt ceiling american people will pay the price. >> social security checks and veteran benefits will be delayed. we might not be able to pay our troops or honor our contracts with small business owner autos again and again, the president repeated the fact raising the debt ceilin
debt ceiling which will come into play so we will be seeing a lot of activity the next few months about the appropriate size of the government and about the size of the deficit and a lot of back-and-forth over these issues. without going into all of the different ramifications i want to say a word about the debt ceiling which is not everybody understands what it's about. the debt ceiling which congress has to do periodically as gives the government money to pay its existing bills. it doesn't create new spending so it's like a family trying to improve its credit rating not the most effective way to improve the credit rating and was the slow solution to the debt ceiling in august of 2011 that of the u.s. downgraded last time brough so it's very important that congress take the necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. estimate the number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mentioned is certainly went part way that leaves a number of issues still on th
the sequestered, the debt ceiling, and you have the continuing resolution. the sequestered and debt ceiling fall on top of each other towards the end of february. these to say and republican leadership and the senate, which is served in for 12 years, you never take a hostage you cannot shoot. the problem with the house was they took hostage the cannot shoot when they took the fiscal cliff. if the republican members of congress take the debt ceiling as a hostage, it is a hostage you cannot shoot. as a very practical matter, if we go over the debt ceiling, we do not increase the debt ceiling, republicans will not win the debate. they will argue they are not increasing it because they do not want to control spending but they will not win the debate. what will happen is the white house will pay with cash flow of the interest on the debt. the debt will not be called. what they might not pay our social security checks. the moment the american citizen figures out they may not go out, the game is over. tenfold. because believe me, though congress can stand up to the senior lobby. so that is not a legiti
night at 8 on c-span's "q&a." >> next, a discussion on the debt ceiling and deficit reduction debate. this was part of a brookings institution forum on jobs and the economy. this panel is an hour or and 20 minutes -- an hour and 20 minutes. [inaudible conversations] >> all right. should we get started again? um, i'm either using that vision, or that clock is way off. but i'll use my watch. okay. so if everybody could come in from coffee and sit down, we'll get started on our second panel. and we're delighted to welcome a really terrific set of panelists, lew kaden, vice chair of citi, maya macguineas who is now involved in or leading the fix the debt campaign. bob mcdonald who is the ceo and president of procter & gamble, and ralph schlosstein who's the ceo of ever corp.. so really a terrific group. let me just give a little bit of context, at least while everyone's filing into the room. i'm martin baily with the economic studies program at brookings. if we cast our minds back to the 1960s, the 1960s, obviously b, was a troubled decade politically, but economically growth was pretty
that is a laggard. hewlett-packard, american express, a few of the names coming under the pressure. the debt ceiling remains in focus. it is earning season. let's take a look at facebook. it is up about three quarters of 1%. it certainly has gained over the last half hour. we are getting closer and closer to the launch time. come and see what we are building. there is speculation that remains. the anticipation remains. dagen: trying to strategize on how to rein in government spending. connell: rich edson with all the details. rich: a very busy legislative day. they are dealing with this handy appropriation bill. republicans are discussing a number of different options. there is a major house republicans of that. their annual retreat takes place on wednesday. >> when does this budget balance? here is when the budget gets to balance if we adhere to these cuts. rich: republicans trying to figure out their opening position on the debt ceiling. democrats and the white house have already come out with theirs. president obama saying that he is not negotiating it. he says he is willing to talk about deficit
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